How We Lost Half a Million Dollar Contract

19 Apr 2024 · 1 min

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This content was created by Feras Alhlou. This content was uploaded by Feras Alhlou. This is a YouTube video titled "How We Lost Half a Million Dollar Contract" (uploaded 2024-04-19). The excerpt is a first-person business anecdote in which the speaker recounts pitching for a large RFP and traveling with a team to Florida, investing 100+ hours of work for an opportunity worth roughly $500k, then losing the deal. The speaker reflects on the lesson learned — failing to engage an influential stakeholder — and recommends mapping meeting attendees and their areas of interest before future meetings. Thumbnail and metadata are provided with the clip.

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I remember one time we were pitching someone, I won't mention the name. We had to travel 3 or 4 people down to Florida and a lot of prep, a huge RFP, a 3-year contract. We're talking about maybe half a million dollars, I think. So we put so much, I think over 100 hours. This is later, later in our business. And we traveled and we go onsite and then they say no. So we gathered, you know, those who drink drank and those who didn't just support it. I don't know, felt bad. And then we said, okay, what did we learn? What did we miss? That one stakeholder who was sitting there, somehow we did not give as much attention as the rest, and we did not address their area of the business, and they were an influencer in that decision-making process. So you learn from that. Yeah. So then we learned, okay, before any future meeting, map all the attendees